Selling your home is no easy undertaking. It’s important to extract the maximum value out of your property and make it attractive to prospective buyers. Even if you’re not ready to sell and you just want to make your home more comfortable and stylish to live in, it’s important to take into account how your renovations will affect what your house is worth.
Foundation problems can lead to serious structural problems if not promptly addressed. The cost of repairing crawl space beam, girder and joist problems depend on the extent of the damage and what needs to be done to fix it.
Of course, value isn’t just a financial measure – how your home reflects and affects your lifestyle is just as important, and renovations should reflect that. It’s good to strike a balance between renovating for personal value and for the future price tag of your property. Here are some tips.
Invest in the essentials
Many people hear the word ‘renovation’ and think of a remodelled bathroom or a brand new kitchen. While these are certainly worthwhile projects – as we’ll see – there are fundamentals a property needs to be liveable and valuable. If your roof needs repairing make that a priority.
Put yourself in a buyer’s shoes – would you buy a house that was in dire need of expensive work on its infrastructure? Any issues with structural integrity should also be urgently addressed. Mould, damp, problems with pests, blocked gutters, all of these things should be at the top of the list before any cosmetic modifications. Even if you’re not selling your house anytime in the foreseeable future, getting problems of this kind straightened out should be a top priority and are well worth investing in.
Plumbing and heating
A reliable and modern plumbing system is an essential component of any property, both for homeowners and prospective buyers. Leaking and broken pipes can be the root of several problems, from mould and damp patches through to structural damage. Fittings to regulate water flow such as ball valves can help to eliminate leaks and reduce mildew and mould.
Many homeowners are installing smart thermostats – these can be controlled remotely so that your house will be warm when you get home from work, or so that you can regulate warm water flow to avoid frozen and broken pipes if you’re away on holiday.
The kitchen is one of the rooms in our homes in which we spend the most time. It’s become much more than a functional space to prepare and cook food – it’s a place to socialise and talk and for families to spend time together. So it makes sense that kitchen remodelling is one of the top renovations on people’s lists, and usually recoups between 60% and 120% of investment when it comes to selling.
If you just need a bit of a refresh, replacing or repainting cabinet doors and changing handles will make a lot of difference, as will a splash of paint. When it comes to bigger changes it’s important to keep the space harmonised with the rest of your home – a flashy, ultra-modern kitchen will not work well in an otherwise rustic, more traditional property. When it comes to choosing appliances, energy efficient models are more affordable than ever, and will start to pay for themselves before you even think of selling.
Another room that buyers scrutinise is the bathroom. If you’re happy with your fittings and fixtures, a coat of paint and some replacement mirrors, furniture or storage solutions can make a world of difference.
If you’re going for a full remodel, with a floor standing tub or a walk in shower, you can expect to recoup most or all of your investment when you find a buyer. A bathroom should combine luxury with practicality, so versatile lighting that can be mood setting or task focused is essential.
You’d be surprised at how many homes are badly insulated, leading to excessive energy consumption and cold draughts in the winter months. Getting an expert to assess your home and help you to determine insulation weak spots is a good idea – as well as identifying problem areas such as attics or basements, replacing doors and windows can also help keep your house warm and lower your bills. Having a well insulated property is attractive to buyers – it means after the expense of buying a property they will be safe in the knowledge that their monthly outgoings won’t be excessive.
Renovating your home to increase its value can seem expensive initially – but approaching it wisely can save you a packet month by month, as well as increasing the price tag when you decide to sell your property.